Currencies
- EUR/USD: This pair has formed a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0706 level and the resistance is 1.1082.
- USD/JPY: The pair is trading below its downward trend line on a 4 hour time frame. The near term support is at 116.10 and the resistance is at 120.46.
- GBP/USD: The pair is trading above its 50 but below it 100 day moving average on a 4 hour time frame. The next resistance is near 1.447 and the support is 1.40.
Indicators
Indices
- Asian markets closed mostly higher by erasing their losses from yesterday. The Shanghai index was still the worst performer during the session and it closed lower with a loss of 0.50%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading lower during the early hours of trading. The FTSE MIB index is trading lower with a loss of 0.80%. The index is down by nearly 3.58% over the past five sessions.
- The US futures are trading lower ahead of the FOMC statement. The DOW index was the best performer on the last trading day with a gain of 1.77%.
Top News
- The Australian CPI q/q number came in at 0.4% while the previous reading was at 0.5%.
- The UK nationwide HPI m/m reading was at 0.3% while the previous was for 0.8%.
Market Sentiment
- Crude Oil: The black gold has formed a symmetrical triangle pattern on a 60 minute time frame. The next support is near the 27 and the resistance is 33.
- Gold: The precious metal is trading above its upward trend line on a 4 hour time frame. The next resistance is at 1140 and the support is at 1100.
- The VIX index popped by 8.10% during the last session.
Top Economic data
3:30pm GMT
USD – Crude Oil Inventories
7:00pm GMT
USD – FOMC statement
7:00pm GMT
USD –Federal Funds Rate
8:00pm GMT
NZD – Official Cash Rate
8:00pm GMT
NZD – RBNZ Rate Statement
9:45pm GMT
NZD – Trade Balance
Trends
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam